We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric … activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural … uncertainty and uncertainty from the anticipation of learning. The latter renders control and learning nonseparable. We present …

of refineries partially offsets the large reduction in consumer surplus. As the theory predicts, these shocks have a …

Neoclassical analysis of the labor market and its institutions. A systematic development of the theory of labor supply …